Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining

28 June 2024

Firering Strategic Minerals Plc

("Firering", the "Company" or the "Group")

Directors' Subscriptions; Issue of Equity

Firering Strategic Minerals Plc (AIM:FRG), an exploration and development company focusing on strategic minerals, announces that, further to the recent Placing and Subscription announced on 28 May 2024, Youval Rasin (non-executive chairman), Yehoshua Shai Kol (chief financial officer), Remy Welschinger (independent non-executive director) and Vassilios Carellas (independent non-executive director) (together the "Subscribing Directors"), have subscribed for, in aggregate, 7,931,035 new ordinary shares of €0.001 each in the Company (the "Ordinary Shares") at a price of 2.9 pence per Ordinary Share (the "Director Subscription Shares"), raising additional gross cash proceeds of £230,000 ("the Directors' Subscriptions").  In total, the Placing, the Subscription and the WRAP Retail Offer, together with the Directors' Subscriptions, raised £2.319 million (gross).

Pursuant to MAR, the directors of the Company, together with their related parties, were not permitted to enter into the subscription agreement until after publication of the Final Results, which took place at 700 a.m. on 27 June 2024: https://bit.ly/3ztei6x.

Related Party Transactions

The Subscriptions by each of Youval Rasin, Yehoshua Shai Kol, Remy Welschinger and Vassilios Carellas constitute related party transactions under AIM Rule 13 of the AIM Rules for Companies. 

Yuval Cohen, the Independent Director for this purpose, having consulted with the Company's Nominated Adviser, considers the terms of the subscriptions by the Subscribing Directors to be fair and reasonable insofar as the Company's shareholders are concerned.

Issue of Equity

1,986,349 Ordinary Shares ("Fee Shares") have been issued, at an issue price of 2.9 pence per share to certain advisors and suppliers to the Company in settlement of fees due of £57,604.

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for admission of the 7,931,035 Subscription Shares and 1,986,349 Fee Shares, making a total of 9,917,384 shares to trading on AIM. It is expected that admission will become effective and dealings in the Subscription Shares will commence on AIM at 8.00 a.m. on or around 4 July 2024.

The Subscription Shares and Fee Shares have been issued fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares.

Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 183,791,532 with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's issued share capital pursuant to the Company's Articles.

Capitalised terms used but not otherwise defined in this announcement shall have the meanings ascribed to such terms in the Company's announcement made at 4.33 p.m. on 28 May 2024, unless the context requires otherwise.

Revised shareholdings following Admission

On Admission, the revised shareholdings of the following PDMR's will be:

For further information on the Company, please visit www.fireringplc.com  or contact: